Bruce Gillingham Pollard buys One Tower Bridge for Redevco
It was announced this month that Redevco have acquired the commercial element of One Tower Bridge. Bruce Gillingham Pollard acted on behalf of Redevco who paid £70m for the benefit of the virtual freehold.
The acquired asset comprises 83,000 sq ft of retail, restaurant and cultural space across 13 units with tenants including The Ivy, Vapiano, Sainsburys and The Bridge Theatre. The scheme was developed by vendors Berkeley Group and occupies a prime location on the south bank of the Thames with views of Tower Bridge, the Tower of London and across to The City of London.
Andrew Vaughan, CEO at Redevco, said: “Redevco is constantly on the lookout for opportunities aligned with changing consumer spending patterns and a growing focus on leisure such as mixed-use and F&B-led investments. London ranks as a leading global destination in this respect and this location, adjacent to Tower Bridge, encapsulates the key elements we are looking for in our experience-led investments. It is situated next to a world-class tourist attraction, which is a magnet for large numbers of visitors. The location also benefits from the footfall from offices and local high-end residential developments in the area.”
Woody Bruce, head of investment at BGP, said “We were delighted to advise Redevco on this trophy purchase. Having been involved with the leasing of the development and with our lease consultancy team highly active within the vicinity, we were uniquely placed to advise on this iconically-located asset.”
Law firm Osborne Clarke also advised Redevco on the purchase and JLL acted for the vendor Berkeley Group.